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Level 3 Income and CEO Cash Compensation in the Financial Industry.
In: Journal of Accounting, Auditing & Finance, Jg. 39 (2024-04-01), Heft 2, S. 568-588
Online
academicJournal
Zugriff:
This article examines the role of fair value gains or losses related to Level 3 valuations in CEO cash compensation for U.S. financial firms. Our results show that Level 3 income is compensation-relevant. By separating Level 3 income into unrealized and realized Level 3 income, we find that CEO cash compensation is less sensitive to unrealized than realized Level 3 income, which indicates that compensation committees have a higher concern for the clawback problem associated with unrealized Level 3 income. A further analysis separating Level 3 income into positive and negative components shows that Level 3 losses are more compensation-relevant than Level 3 gains, thereby validating the argument that Level 3 losses are more credible than Level 3 gains. Overall, we find that Level 3 income is relevant for CEO cash compensation and that this phenomenon is mainly driven by its realized and loss components. [ABSTRACT FROM AUTHOR]
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Titel: |
Level 3 Income and CEO Cash Compensation in the Financial Industry.
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Autor/in / Beteiligte Person: | Young, Chaur-Shiuh ; Tsai, Liu-Ching ; Hsu, Hui-Wen |
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Zeitschrift: | Journal of Accounting, Auditing & Finance, Jg. 39 (2024-04-01), Heft 2, S. 568-588 |
Veröffentlichung: | 2024 |
Medientyp: | academicJournal |
ISSN: | 0148-558X (print) |
DOI: | 10.1177/0148558X221080300 |
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